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Nigeria joined the IMF on March 30, 1961. [1] Nigeria is Africa's most populous country, with 222.182 million citizens. [1] The nation's IMF quota stands at 2454.5 million (SDR) along with its special drawing rights amounting to 3702.34 million (SDR). [1] As of July 2023, Nigeria experienced a 3.2 GDP change. [2]
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of last resort to national governments, and a leading supporter of exchange-rate stability.
According to the International Monetary Fund, 32% of Nigeria's population lives in extreme poverty (as of 2017), living on less than US$2.15 a day. [292] The World Bank stated in March 2022 that the number of poor Nigerians had increased by 5 million to 95.1 million during the Covid period. [ 293 ]
The Nigeria Electrification Project (NEP) is being financed through $350 million IDA credits from the World Bank. The goal is to be able to provide long-term and reliable electricity to households, small and medium enterprises, universities, and teaching hospital through solar hybrid mini grids and stand-alone solar systems. [ 19 ]
The International Bank for Reconstruction and Development (IBRD) and International Monetary Fund (IMF) were established by delegates at the Bretton Woods Conference in 1944 and became operational in 1946. [10] According to a March 2012 Washington Post article, IBRD was the "original 'world bank'". [11]
Nigeria is the most populous country in Africa and the eighth most populous country in the world with a population of over 140 million. The country is listed among the "Next Eleven" economies, and is one of the fastest growing in the world with the International Monetary Fund projecting growth of 9% in 2008 and 8.3% in 2009. [3] [4] [5] [6]
International organization such as the International Monetary Fund has also voiced their support with the Jonathan administration to reduce fiscal deficit for 2011 to 2013. [ 4 ] [ 5 ] In December 2010, a budget of 4.236 trillion naira (18% less than 2010 budget) was prepared by the administration and was presented to the House of ...
The Debt Management Office (DMO) is a government agency established on 4 October 2000, tasked with centralizing the management of Nigeria's debt. [1] It was created in response to challenges in Nigeria's debt portfolio, which included high external and domestic debt, substantial debt service, low external reserves, and weak debt management capacity.